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Grow a lot faster

Memo To The Next President: We Can Grow A Lot Faster

The idea that there is some kind of inevitable decline in productivity, he says, is nonsense: "Experience and formal analysis tell us clearly that innovation and productivity happen where there is rule of law, simple and predictable regulation, property rights, reasonable taxation, an open and competitive economy, and decent public infrastructure," Cochrane wrote recently. "These politicians do have ample control over, and ample opportunity to screw up."

Presidents, working with Congress, can have an enormous impact on the things that matter.

So what matters? A kind of consensus is emerging among some economists that significant barriers to growth exist — and that they can be swept away. Doing so could push the long-term growth path back above 3% -- creating millions of new jobs and higher incomes at the same time.

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